What qualifies as a dealer for a used car loan from a loan company?
Question:
Is it better to get a loan from a company like e-loan or finance from the dealership
Answer:
A dealer is any individual that has a dealers license. It is better to go with the dealerships financing. E-loan does not always report to the credit, so a loan Thur them would not help your credit score. Dealerships use actual banks (as long as your not going to a buy here pay here)
A car dealer must have a license to operate. You have new car dealers - who sell new and used cars. You have used car dealers - who only sell used cars.
It's better to get a loan from whichever source will give you the best rate. However - don't just look at the rate. Look at the details - what is the penalty fee for a late payment, can you prepay the loan without penalty. Most folks just look at the rate - check the details.
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